August 16, 2010 / 2:44 PM / 7 years ago

CANADA STOCKS-TSX little changed, gold miners rise

2 Min Read

*TSX up 4.99 points at 11,533.24

*Three of TSX's 10 main sectors higher (Updates to midmorning, adds quote)

By Jennifer Kwan

TORONTO, Aug 16 (Reuters) - Toronto's main stock index was little changed on Monday morning, getting support as gold miners rose with strengthening bullion prices following weaker-than-expected growth numbers from Japan.

The price of gold hit a seven-week high as investors flocked to the safe-haven appeal of the precious metal after data showed Japan's economy grew just 0.1 percent in the second quarter, well below forecasts. [GOL/] The data pressured Asian equities and that weakness fed into European trading. [MKTS/GLOB] For details, see [ID:nTOE67901S]

Barrick Gold (ABX.TO), the world's No. 1 gold producer, climbed 1.5 percent to C$45.44, while fellow miner Goldcorp (G.TO) rose 1.6 percent to C$42.01.

At 10:22 a.m. (1422 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 4.99 points at 11,533.24, with three of its 10 main sectors higher.

Concerns about the health of the global economy kept investors in a cautious mood, however.

Toronto-Dominion Bank (TD.TO) was down 0.3 percent at C$70.87, while Royal Bank of Canada (RY.TO) was 0.3 percent lower at C$51.15.

"It's carry-over from last week's negative action. That's weighing stocks down," said John Ing, president of Maison Placements Canada, noting the market was largely flat due to the "classic summer doldrums".

Last week, the resource-heavy TSX index shed 2.3 percent as investors fretted about the pace of recovery, fueled by persistent worries about weaker growth in China and the United States.

$1=$1.04 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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